Waiting for another stimulus check? Here's the shocking truth behind those trending social media posts!
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In the age of information overload, it's easy to get swept up in the whirlwind of social media rumors. The world is full of fake news spreading like wildfire lately, so it’s important to know what’s true and what’s not.
This is the case especially for when social media posts hint at another round of stimulus checks landing in our bank accounts. But before you start planning how to spend that unexpected windfall, let's separate fact from fiction and understand the real deal behind those viral posts.
Recently, social media has been abuzz with claims that more stimulus checks are on the horizon, causing quite a stir among Americans eager for financial relief. These posts say that in some states, taxpayers may receive $2,000 or more in stimulus over the holiday season.
These rumors gained traction as the nation anticipated the transition of presidential power to Donald Trump on January 20. However, the IRS has stepped in to clear the air, firmly stating that no new stimulus payments are in the pipeline.
When the COVID-19 pandemic struck in 2020, it left a trail of economic turmoil, prompting the government to issue stimulus checks to help Americans weather the storm.
The CARES Act in March 2020 and the COVID-19 Relief Bill in December 2020 were lifelines for many, distributing billions of dollars to eligible households.
The Biden administration continued this support with a third round of stimulus checks through the American Rescue Plan Act in March 2021. These efforts were crucial in providing immediate financial assistance during unprecedented times.
As for the present, the IRS has made it clear: “The IRS has issued all first, second, and third Economic Impact Payments.” The Get My Payment application, once a tool to track stimulus checks, is no longer available, as most eligible recipients have already received their payments.
If you're among the few who haven't yet received your stimulus, don't lose hope. You may still be able to claim it on a future tax return. While the deadline for the 2020 credits has passed, you have until April 15, 2025, to file and claim the 2021 credit.
IRS Commissioner Danny Werfel has issued a warning, “Social media is an easy way for scammers and others to try encouraging people to pursue some really bad ideas, including ways to magically increase your tax refund.”
While it's a convenient source for many things, financial advice should be approached with caution. Werfel advises seeking out reputable sources, such as @irsnews on social media or trusted tax professionals, rather than falling for “hacks” for tax refund boosts promoted online.
Economists have also chimed in on the stimulus speculation. The consensus? The economy, while not without its challenges, is not in the dire straits that necessitated the initial rounds of stimulus checks.
LendingTree senior economist Jacob Channel pointed out that stimulus checks “... typically only happen when the economy is in really bad shape and consumers need a push to start spending money again.”
Furthermore, the process of issuing stimulus checks is not a one-person show. It involves collaboration and legislation from both the House and Senate, with the president's signature being the final step—not the sole action.
Although the prospect of additional stimulus checks seems to be off the table for now, there's still a glimmer of hope for some Americans.
Eligible individuals may be able to receive a $1,400 extra payment from the IRS, and there are also one-time payments of up to $1,050 available from a $125 million total pool.
Source: FOX 5 Washington DC / Youtube.
Have you encountered any of these viral posts? How do you discern credible information from social media rumors? Share your experiences and tips in the comments below!
This is the case especially for when social media posts hint at another round of stimulus checks landing in our bank accounts. But before you start planning how to spend that unexpected windfall, let's separate fact from fiction and understand the real deal behind those viral posts.
Recently, social media has been abuzz with claims that more stimulus checks are on the horizon, causing quite a stir among Americans eager for financial relief. These posts say that in some states, taxpayers may receive $2,000 or more in stimulus over the holiday season.
These rumors gained traction as the nation anticipated the transition of presidential power to Donald Trump on January 20. However, the IRS has stepped in to clear the air, firmly stating that no new stimulus payments are in the pipeline.
There has been a wave of viral social media posts suggesting more stimulus checks are coming for Americans, which has resulted in confusion. Image source: Pexels.
When the COVID-19 pandemic struck in 2020, it left a trail of economic turmoil, prompting the government to issue stimulus checks to help Americans weather the storm.
The CARES Act in March 2020 and the COVID-19 Relief Bill in December 2020 were lifelines for many, distributing billions of dollars to eligible households.
The Biden administration continued this support with a third round of stimulus checks through the American Rescue Plan Act in March 2021. These efforts were crucial in providing immediate financial assistance during unprecedented times.
As for the present, the IRS has made it clear: “The IRS has issued all first, second, and third Economic Impact Payments.” The Get My Payment application, once a tool to track stimulus checks, is no longer available, as most eligible recipients have already received their payments.
If you're among the few who haven't yet received your stimulus, don't lose hope. You may still be able to claim it on a future tax return. While the deadline for the 2020 credits has passed, you have until April 15, 2025, to file and claim the 2021 credit.
IRS Commissioner Danny Werfel has issued a warning, “Social media is an easy way for scammers and others to try encouraging people to pursue some really bad ideas, including ways to magically increase your tax refund.”
While it's a convenient source for many things, financial advice should be approached with caution. Werfel advises seeking out reputable sources, such as @irsnews on social media or trusted tax professionals, rather than falling for “hacks” for tax refund boosts promoted online.
Economists have also chimed in on the stimulus speculation. The consensus? The economy, while not without its challenges, is not in the dire straits that necessitated the initial rounds of stimulus checks.
LendingTree senior economist Jacob Channel pointed out that stimulus checks “... typically only happen when the economy is in really bad shape and consumers need a push to start spending money again.”
Furthermore, the process of issuing stimulus checks is not a one-person show. It involves collaboration and legislation from both the House and Senate, with the president's signature being the final step—not the sole action.
Although the prospect of additional stimulus checks seems to be off the table for now, there's still a glimmer of hope for some Americans.
Eligible individuals may be able to receive a $1,400 extra payment from the IRS, and there are also one-time payments of up to $1,050 available from a $125 million total pool.
Source: FOX 5 Washington DC / Youtube.
Have you encountered any of these viral posts? How do you discern credible information from social media rumors? Share your experiences and tips in the comments below!
